The next residential boom for NSW lies in the Hunter Valley, mid north coast and the central coast, as employment in these areas accelerates, the NSW 2018-19 budget shows.
The value of residential building approvals in regional NSW is at a record high of over $4.5 billion over the last year. The Hunter Valley, central coast and Richmond Tweed account for 38.8% of demand.
In more concentrated regional areas such as Newcastle, residential approvals have also boomed and are up 57% over the past three years.
Employment growth in regional areas have risen 2.4 per cent a year rising from the long-term average of 1.5 per cent a year, in the past three years while they continue to absorb new migrants from Sydney seeking cheaper housing.
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